You have to understand the psychology of the participants in every speculative bubble. First, they always think "this time its different." Second, even if they realize they are in a bubble, they always think "I'll be smart enough to get off this train before it crashes."
Modern cards excite people BECAUSE of the volatility, just like some people get a thrill out of the rough and tumble world of currency trading and casino gambling.
If you look at it this way, you can see why the hardcore modern collectors play this game. Unfortunately, some newcomers to the hobby get mixed up in the hype and get burned, and never collect again.
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